Bitcoin Price Rebounds Amid Growing Concerns of U.S. Crypto Crackdown Following Data Breach
Bitcoin and cryptocurrency are increasingly becoming a divisive topic, with former President and Republican 2024 nominee Donald Trump making waves with his plans in the crypto space.
The price of Bitcoin surged past $61,000 this week, rebounding from a recent significant drop that saw it fall below $50,000. A renowned trader even predicted that Bitcoin’s price could potentially reach $1 million.
Following teasers from Trump’s sons, Eric and Don Jr., about an upcoming major crypto announcement, the crypto community is on edge, anticipating a potential crackdown on crypto in the U.S. if Democratic Party nominee Kamala Harris wins the presidency.
The Harris campaign has reportedly brought in key figures like Brian Nelson and Rohini Kosoglu, indicating a stance aligned with Biden’s anti-crypto policies. Harris is said to support increasing the corporate tax rate to 28%, in line with Biden’s proposals targeting wealthy crypto holders.
Alex Thorn, head of research at Galaxy, expressed concerns about Harris continuing Biden’s tough stance on crypto, potentially leading to a crypto crackdown. Thorn highlighted Harris’ choice of advisors, suggesting a challenging road ahead for the crypto industry if she assumes office.
The crypto community is closely watching Harris’ campaign, with some drawing parallels between her and anti-crypto figures like Elizabeth Warren. The appointments of advisors with a history of anti-crypto initiatives have raised alarms within the crypto space.
Critics fear that Harris’ campaign could spell trouble for the future of crypto and Bitcoin in the U.S., with some industry insiders expressing strong concerns about potential restrictions and regulatory challenges ahead.
Overall, the crypto community remains vigilant as the political landscape evolves, with the outcome of the upcoming election potentially shaping the future of cryptocurrencies in the United States.
